Gold for February delivery lost $10.20, or 0.8 percent, to $1,203.80 an ounce. Silver dropped 43.4 cents, or 2.2 percent, to $19.615 an ounce.

In other metals trading, March copper fell 0.25 cents, or 0.1 percent, to $3.3825 a pound. March palladium fell $1.15, or 0.2 percent, to $710.80 an ounce, and April platinum lost $11.70, or 0.8 percent, to $1,367.20 an ounce.

In March agricultural contracts, corn lost 4 cents, or 0.9 percent, to $4.235 a bushel, soybeans fell 5 cents, or 0.4 percent, to $13.0875 a bushel and wheat declined 8.5 cents, or 1.4 percent, to $6.005 a bushel.